TASE Stock Analysis

Step 1: Identify the Analysis Type

Ask the user what kind of analysis they need:

Step 2: Gather Market Data

Depending on the analysis type, collect:

• Index data: Use scripts/fetch_tase_data.py to retrieve TA-35 or TA-125 composition and weights
• Stock data: Ticker symbol (TASE uses Hebrew names or numeric codes), current price, volume
• Dual-listed data: Both TASE ticker and US ticker (e.g., NICE on TASE and NICE on NASDAQ)
• Maya filings: Company name or securities number, date range for filings

Step 3: Apply Israeli Context

For any stock analysis, layer in Israeli-specific factors:

• Bank of Israel interest rate: Current BOI rate affects valuations and sector rotation
• Shekel/Dollar exchange rate: Critical for dual-listed arbitrage and foreign exposure
• Sector composition: Israeli market heavy in banking (Hapoalim, Leumi, Discount), pharma (Teva), tech
• Market hours: TASE trades Sunday-Thursday, 09:59-17:14 (pre-open from 09:02)

Step 4: Calculate Capital Gains Tax (Mas Revach Hon)

When the user has sold or plans to sell securities:

Calculation:

net_gain = sale_price - purchase_price - transaction_costs
tax = net_gain * 0.25  # or 0.30 for substantial shareholder

Step 5: Evaluate Dual-Listed Opportunities

For dual-listed companies (e.g., Check Point, CyberArk, NICE, Sapiens):

1. Compare TASE price (in NIS) vs. US price (in USD) using current exchange rate
2. Account for ADR ratio (some dual-listed have different share ratios)
3. Factor in different trading hours (TASE closes before US opens)
4. Note tax treaty implications -- Israeli residents pay Israeli capital gains tax regardless of which exchange

Step 6: Review Maya Filings

Check relevant disclosures on the Maya system (TASE disclosure platform):

• Immediate reports: Material events that affect stock price
• Periodic reports: Quarterly and annual financial statements
• Related party transactions: Insider trades and holdings changes
• Shelf offerings: Potential dilution events

Summarize key findings and flag any material items.

Example 1: TA-35 Index Overview

User says: "Show me the current TA-35 composition and top performers" Actions:

1. Run python scripts/fetch_tase_data.py --index TA35
2. Display top holdings by weight (Bank Hapoalim, Bank Leumi, ICL, Teva, etc.)
3. Show recent performance vs. BOI interest rate context
4. Note upcoming ex-dividend dates for major components Result: Summary table of TA-35 with weights, performance, and key metrics

Example 2: Dual-Listed Arbitrage Check

User says: "Compare Check Point stock price on TASE vs NASDAQ" Actions:

1. Fetch Check Point TASE price (in NIS) and NASDAQ price (in USD)
2. Convert using current BOI representative rate (sha'ar yatzig)
3. Calculate premium/discount between exchanges
4. Note that arbitrage is limited by settlement timing and currency conversion costs Result: Price comparison with exchange rate analysis and practical arbitrage assessment

Example 3: Capital Gains Tax on Stock Sale

User says: "I sold Teva shares for 120,000 NIS, bought them for 80,000 NIS. What's my tax?" Actions:

1. Identify: Net gain = 120,000 - 80,000 = 40,000 NIS
2. Check: Standard rate (25%) assuming non-substantial shareholder
3. Calculate: Tax = 40,000 * 0.25 = 10,000 NIS
4. Note: Can offset against any capital losses (hefsedei hon) from same tax year Result: Capital gains tax of 10,000 NIS, with guidance on loss offsetting and filing

Example 4: Maya Filing Lookup

User says: "Check recent Maya filings for Bank Hapoalim" Actions:

1. Look up Bank Hapoalim on Maya (securities number 662577)
2. Filter recent immediate reports and periodic filings
3. Summarize material events (dividends, board decisions, regulatory actions)
4. Flag any insider trading reports Result: Summary of recent disclosures with material items highlighted

Scripts

• scripts/fetch_tase_data.py -- Fetches TASE index data (TA-35, TA-125), stock quotes, and market status. Run: python scripts/fetch_tase_data.py --help

References

• references/tase-api.md -- TASE API endpoints for market data, index composition, and Maya filings search. Consult when integrating live market data.
• references/capital-gains.md -- Israeli capital gains tax rules for securities: rates, exemptions, loss offsetting, substantial shareholder rules, and foreign resident treaty considerations.

Error: "TASE ticker not found"

Cause: TASE uses numeric securities numbers and Hebrew names, not US-style tickers Solution: Search by company Hebrew name or securities number (mispar niyar erech). Use Maya search for lookup.

Error: "Exchange rate mismatch for dual-listed"

Cause: Using stale or non-representative exchange rate for comparison Solution: Use Bank of Israel representative rate (sha'ar yatzig) published daily at 15:30. For intraday, note rates are indicative only.

Error: "Capital gains calculation unclear"

Cause: Complex scenarios like partial sales, inflationary adjustments, or inherited shares Solution: For shares purchased before 2003, inflationary component may be exempt. For inherited shares, acquisition cost is market value at inheritance date. Consult a tax advisor (yo'etz mas) for complex cases.